Buying A Home

Looking to purchase a home? Make sure you’re well-informed about the process by taking note of this step-by-step guide! From getting your finances in order to signing on the dotted line, we walk you through all stages of buying a house. Don’t take any chances when it comes such an important life decision – let us help make things easier for you every step of the way!

Save For A Deposit

Saving for a mortgage deposit can be an overwhelming task. If you’re looking to buy property, it’s typically recommended that buyers save at least 5% of the price of their desired purchase in order to put down as a deposit. For example, if you wanted to buy a £200,000 house and use 95% financing from your lender then your personal investment would amount to £10,000 total – this is just scratching the surface however! Saving more than 5%, when possible will allow access better deals with lower interest rates on mortgages; enabling prospective homeowners greater financial freedom upon purchasing or refinancing their home loan.

First-time buyers may also want to take advantage of government incentives like Lifetime ISAs which offer up 25% top-ups (upwards towards maximums of around 1K per year) worth considering to fuel those savings even further across longer periods ahead!

Find Out Your Borrowing Potential

Ready to start your journey into property ownership? To help you plan, it’s important to know how much a mortgage provider will lend – the amount can vary depending on factors such as your deposit size, income and credit score. Although banks may generally allow up to four-and-a-half times annual salary for borrowing sums, this limit is not universal. As well as preparing financially for repayments keep in mind that there are other costs associated with purchasing a home – from conveyancing fees through surveys & stamp duty (LTT or LBTT). Make sure you factor these expenses when crunching the numbers!

Research Your Area

If you’re making a big move to an unfamiliar area, why not take the time to spend some time exploring and getting acquainted with it. And even if you are no stranger to your desired location, it never hurts to do some extra due diligence before making a decision!

Look into school catchment areas – particularly those surrounding highly-rated academic hubs – transport links (including access roads), potential changes in local infrastructure and environmental considerations like flood zones; all elements which can greatly shape or affect property prices. Doing research on these topics is essential for creating informed decisions that could pay off now AND later down the track.

Get A Mortgage In Principal

Applying for an agreement in principle, or AIP is confirmation from your mortgage lender that you are serious about buying. You can show sellers that you’re intent on purchasing their property and have the ability to secure necessary funds! Having this document will make you stand out as a potential buyer.

Property Viewing

Dig deeper than the online search to find your perfect home – take some time to visit potential properties in person. Not only will this provide you a more accurate picture of their true condition, but also help detect any shortcomings that would be impossible to spot from behind a screen. To make sure you don’t miss anything important, return for second and third viewings at different times during the day!

Make An Offer

When making an offer, consider what other similar properties have recently sold for in the same neighbourhood and how much competition you may face. You can find this information on websites such as Zoopla and the Land Registry. When ready to make your offer, communicate it verbally first then put it into writing with any points that stand out in your favour – for example being chain-free or a first-time buyer – along with conditions related to surveys or inspections if necessary. Being well informed prior to submitting an offer can help secure the home of your dreams!

Apply For A Mortgage

Applying for a mortgage can be both exciting and daunting, especially when trying to decide on the length of your term. For most buyers looking for stability, fixed-rate mortgages lock in their rate over two or five years – so you know what will come out each month without surprises! With increasing house prices today, many first-time buyers are opting towards longer terms such as 30 or 35 year agreements so don’t forget those too when weighing up your options. We can help you with everything mortgage related.

Find A Conveyancing Solicitor

Once you’ve had your offer accepted on a property, it’s important to find the right team of conveyancers or solicitors who can help make the purchase go as smoothly as possible. Conveyancing experts help with all aspects of the legal transfer – from carrying out checks, drawing up contracts and registering them at the Land Registry, through to calculating stamp duty payments required by law.

Get a Survey

Before investing in a property, it’s important to get an independent house survey. This will help identify any potential issues or problems that could be costly for you down the line. The cost of a survey varies depending on factors such as location and size, so shop around to find the best deal from one of the registered providers like Royal Institution of Chartered Surveyors (Rics) or Residential Property Surveyors Association (RPSA). Don’t forget – this is different from your mortgage lender’s valuation report.

Organise Removals

To relieve that pressure, research removal companies beforehand so there’s one less thing to worry about when the big day arrives. Look at their customer reviews and availability before committing too; this way you’re sure your items are in safe hands and will arrive on time for completion date set with the seller.

Organise Home Insurance

Securing your home with buildings insurance is an important step when buying a house. Not only could it help protect you against disasters such as flooding or fire, but some mortgage lenders will even require you to have this type of cover in place before they agree to lend the money. For new-build properties however, you can wait until completion day for the policy start date – so don’t forget to set up that all-important building’s insurance at least before then.

Exchange contracts

The exchange of contracts marks a crucial stage in the process of buying property, as it officially binds both parties to the agreement.

Beforehand, you’ll need to make sure that your mortgage offer is written and approved, an agreed completion date has been set and buildings insurance arranged for either from the day of exchange or after completion if purchasing new-builds.

After exchanging contracts however, buyers can breathe easy knowing that their investment is secure! Your conveyancer will then lodge an interest on behalf of yours onto the property so it’s ready for when all payments are made – with deeds ultimately transferred over into your name upon approval by Land Registry.

Complete And Move In

Congratulations, you’re on your way to settling into a new home!

After exchanging contracts and agreeing upon the details with the seller, it won’t be long before completion. On that day, all money will go through and once everything is sorted out you can take in those keys with pride – marking an exciting start of ownership. Enjoy every moment because rest assured: after such hard work throughout this process, relaxation awaits!